UOVEF - Global Turmoil Gives Investors Another Crack At DBS Group

• DBS Group shares have sold off sharply in the aftermath of Russia's invasion of Ukraine, likely due to reduced prospects for more aggressive rate hikes and slower overall global growth.
• DBS is exceptionally rate-sensitive, and the bank is well-placed to leverage loan growth, higher rates, and controlled expense growth to drive attractive pre-provision profit growth.
• The acquisition of Citi's Taiwan operations significantly improves DBS's operations in Taiwan and does so at a very attractive price.
• I would still like to see DBS invest more to establish a stronger presence in growth markets like Indonesia, India, and Vietnam.
• A slower/lower tightening cycle is a clear risk, but DBS Group looks undervalued today and worth a closer look.

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